Spreadtrum Communications (SPRD+4.7%) moves up after announcing a $50M buyback of its ADR's, coming on the heels of another repurchase plan unveiled earlier this year. The company says it will fund the buyback with cash on hand.

Spreadtrum (SPRD-0.3%) is underperforming today in spite of a bullish note from Canaccord's Mike Walkley, following meetings with the wireless chipmaker's strategy VP. Walkley sees Spreadtrum delivering a strong 2012, thanks in part to growing shipments of 3G TD-SCDMA chips in its core Chinese market, and increasing sales of 2G GSM chips in other markets.

As expected, Focus Media (FMCN) has responded to Muddy Waters' bearish report (.pdf), which accuses the company of multiple types of fraud, by strongly denying each allegation. It remains to be seen whether Focus Media will brush off Muddy Waters' attack like Spreadtrum (SPRD), or validate it like Sino-Forest, but for now, shares are up 14.5% premarket, rebounding a bit from yesterday's crash.

Spreadtrum Communications (SPRD+2.2%) breaks out again today, hitting another 52-week high after announcing late last week that it was purchasing an 8.3% stake in Zoom Technologies (ZOOM-3.3%). The stock has been on fire over the past few weeks, soaring over 60% since the beginning of October.

Spreadtrum (SPRD+2.3%) gains after Nomura's Aaron Jeng starts the chipmaker at Buy, with a $31 PT. Jeng sees Spreadtrum as a play on China's 3G growth, given its leading position in the TD-SCDMA chip market, and notes shares trade at a significant discount to those of Taiwanese rival MediaTek.

Spreadtrum (SPRD+6.6%) shoots higher after the wireless chipmaker announces it's reached the last milestone needed to recognize an $8M R&D grant from CHL. Spreadtrum's CEO uses the announcement to note his company's corporate structure is different from the one sparking regulatory fears for other Chinese ADRs. (previously)